1. What do you mean by the term Efficiency in your language?

Efficiency is the fundamental reduction in the amount of wasted resources that are used to produce a given number of goods or services (output). Economic efficiency results from the optimization of resource-use to best serve an economy.

 2. Define Equity in your own Language.

Equity represents the value that would be returned to a company's shareholders if all of the assets were liquidated and all of the company's debts were paid off. The calculation of equity is a company's total assets minus its total liabilities, and is used in several key financial ratios such as ROE.